BRITAIN’S exit from the EU could derail Spain’s recovering car industry, despite a strong 2016.
The country’s production of automobiles rose by 5.6% last year to 2.89 million, a return to pre-crisis levels.
But the Anfac carmaker association has warned that ‘the devaluation of certain currencies and the emergence of protectionist phenomena in various countries that Spain exports to’ negatively impacted production in the last six months.
Exports account for 84% of Spanish production, a figure which rose last year by 7% to 2.43 million units – more than in pre-crisis 2007.
But Anfac said countries like the UK showed signs of wariness, especially post-Brexit, as the pound dropped in value.
It added that exports to Britain had been dropping around 16% per month since September.
Spain’s car industry is key to its economy, accounting for 10% of economic output.
Last year the Spanish economy grew by 3.2%, with many analysts saying it has almost returned to pre-crisis levels.
But Prime Minister Mariano Rajoy has warned that Brexit could play a destabilising role.
In a press conference at the end of January, the PP leader said Britain’s departure from the EU presented a ‘real threat’ to the country.
- IN PICS: ‘One million’ march against Brexit in London - 23 Mar, 2019 @ 20:14
- ‘DRUG HILLS’: British expats in upmarket urbanisation on Spain’s Costa del Sol wake up to ‘disgraceful’ graffiti - 20 Mar, 2019 @ 11:47
- Westley Capper arrives at Malaga court on last day of Agnese Klavina trial after damning CCTV footage shown to court - 20 Mar, 2019 @ 11:20
- Dead body dumped on Spain’s Costa del Sol was of young foreigner, 23, and had at least 10 gunshot wounds - 19 Mar, 2019 @ 10:59
- Guardia Civil cop who killed three people after causing pile up on Costa del Sol while driving on cocaine ordered to pay €1.4 million in compensation - 18 Mar, 2019 @ 16:52
- SACRE BLOW! French smuggling gang which moved cocaine and hashish between Morocco, Malaga and Europe busted in joint operation - 18 Mar, 2019 @ 16:12
- Residents feel shaking as FOUR earthquakes rock Malaga - 18 Mar, 2019 @ 15:33
- Rain and cold wind forecast for Spain’s Malaga this week - 18 Mar, 2019 @ 15:16
- WATCH: Manhunt launched after pharmacy robbed at GUNPOINT on Spain’s Costa del Sol - 18 Mar, 2019 @ 12:45
- Dead body found dumped with ‘several gunshot wounds’ on Spain’s Costa del Sol - 18 Mar, 2019 @ 12:31